Toyota 2022 lowers US industry sales estimates to 15.5M as supply chain issues

Toyota Motor Corp. Its annual sales forecast for the industry fell by about 6 percent as supply constraints are expected to limit the industry’s ability to meet high consumer demand.

Toyota Motor North America sales chief Bob Carter said the automaker expects to sell 15.5 million light-vehicles in the United States this year, down from an estimated 16.5 million in October.

“It’s a consistency that, quite frankly, isn’t based on consumer demand,” Carter told reporters during a media roundtable on Wednesday. “It simply came to our notice then what the supply environment would be like in 2022.”

The downward spiral reflects the continuing disruption of global semiconductor shortages, high raw material prices and Ukraine’s wavy influence on the supply chain.

These problems have led to a tight new-car inventory, which has resulted in a 16 percent drop in industry-wide U.S. new-car sales in the first quarter of the year. According to Motor Intelligence, seasonally adjusted, annual sales rate It was 13.4 million in March, down sharply from 17.79 million a year earlier.

Carter said Toyota has good insights into its supply chain for the second and third quarters of this year, but outlook for the fourth quarter remains “unclear.” If the fourth-quarter supply estimate for the industry is too high, the annual sales number could be as low as 14.9 million or 15 million, he said.

Still, the automaker is “reasonably confident” in its .5 15.5 million estimate.

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